As you can see in the graph above, the B point landed perfectly on the 0.618 fib line drawn on XA extension, while the C point landed almost perfectly (0.618 area) on the fib line drawn on the AB extension.
Price had break through both 1297 & 1285 which is a very strong support, based on the fib line drawn on BC extension and previous history.
It has also penetrate the 1280 price which is a previous swing low.
In my opinion, price will keep on short until 1253 hence completing the pattern. Which I think will happen somewhere around next week.
Update (3/8/2014)
- Price has fall down and touched the 1262.59 which is XA extension fib line of 0.786. I have a strong feeling that the price will now goes up.
- Opened a position at 1265.47
Price had break through both 1297 & 1285 which is a very strong support, based on the fib line drawn on BC extension and previous history.
It has also penetrate the 1280 price which is a previous swing low.
In my opinion, price will keep on short until 1253 hence completing the pattern. Which I think will happen somewhere around next week.
Update (3/8/2014)
- Price has fall down and touched the 1262.59 which is XA extension fib line of 0.786. I have a strong feeling that the price will now goes up.
- Opened a position at 1265.47